What is Tron (TRX) and is it worth investing in it?

TRON is a decentralized entertainment platform based on its own blockchain, which has a native Tronix token (TRX). In other words, Tron is something like a social network where users can freely post, watch and use the content for entertainment. For developers, the TRON platform provides an opportunity to promote their games and applications, acting as an analog of the AppStore and Google Play.

The TRON fund and the management company are registered in Singapore, which is a jurisdiction loyal to digital currencies. The TRON Foundation is committed to providing grants in the project’s cryptocurrency for the best developers and the most active users.

The TRON platform uses several types of cryptocurrencies, including the native TRONIX token (TRX). The TRX token is the base token of the platform, but there are also other native tokens:

– TRON Power and TRON20 protocol tokens.

– TRON Power is a token that gives the holder the right to participate in voting regarding the development of the network.

– TRON20 is a protocol that allows the holder, the application developer, to issue tokens for their own game within the TRON network. The maximum possible number of TRX tokens is 100 billion.

Many consider Tron to be Ethereum’s main competitor, as both companies are committed to creating a decentralized network and smart contracts, and therefore, like Ethereum, Tron may also skyrocket one day.

The developers of the TRON platform are the TRON Foundation, founded by British citizen Sir Tim Berners-Lee, and Justin Sun. The latter, according to Forbes magazine, is considered the person who can equal the founder of Alibaba. Tron was founded in 2017 by renowned developer Justin Sun, who is one of the youngest members of the Forbes rich list. This project is based on blockchain technology, which means it can be safely called a decentralized platform with open source code. The idea of ​​creating TRON is to create an entertainment ecosystem in which media files would be freely distributed. Within this project, there is its own unit of payments, called the Tronix token (TRX). It is with the help of TRX on the platform that users will be encouraged to create new content. Some analysts note that this media platform has a good chance to compete with platforms such as YouTube, Instagram and Facebook. You can buy TRX cryptocurrency on many exchanges, including the largest exchange, Binance, where the major part of the total number of trades takes place.

TRON is based on the Delegated proof-of-stake(DPoS) consensus algorithm, which is very different from Bitcoin’s proof-of-work algorithm. Therefore, as such, there is no mining on the network. A rotating cast of 27 super representatives validates the transaction on the blockchain. They are selected every six hours, blocks are created on the blockchain every three seconds, and Super Representatives receive 32 TRX as a block reward. One can join the TRON blockchain by running a witness node, proposing blocks and voting on protocol decisions. A full node, which allows broadcast transactions and blocks, or a Solidity node that synchronizes blocks from full nodes provides an API. Users can participate in the management of the TRON network, but for this, they need to freeze TRX tokens on their account and receive in return an equal number of Tron Power, which is a unit of the vote. The Bandwidth resource allows you to perform transactions on the Tron network without paying any gas fees. Initially, each wallet user receives 5,000 units of this resource, and it is consumed with each transaction, but in general, this amount is quite enough to meet most needs. 5,000 units are enough for 25 transactions on the Tron network. Energy is a resource needed to create and run smart contracts. This resource is not self-regenerating, therefore, to maintain its sufficient level, it is necessary to freeze it to obtain Energy.

Tron is a multifunctional blockchain platform that supports smart contracts, so it offers many applications, the most basic of which are: – Creation of dApps. The TRX coin can be used to create and interact with dApps. – Access to content. Content consumers can pay to view the desired content with Tron cryptocurrency. – Trading. Traders can sell, buy or exchange the Tron coin on any crypto exchange for other digital currencies, as well as fiat currencies. – Tron is used as the underlying blockchain for USDT-TRC20 stablecoin

Although the Tron cryptocurrency is somewhat similar to the most popular Ethereum crypto, it still has some new features. When using the Freeze function, you can get Energy and Bandwidth. To clarify, the Freeze function allows you to freeze part of the funds in your Tron wallet for a certain number of days, and in return, you will receive one of the resources, both cannot be obtained at once. Locking is carried out for a period of 72 hours. This resource is restored over time, but in some cases, for example, when using some dApps where you need to make many small transactions, the initial amount of Bandwidth may not be enough for you. Therefore, based on your tasks, it makes sense to Block funds to obtain the Bandwidth resource. In addition, Bandwidth is a measure of the activity of Tron coin holders, which allows you to vote for super representatives. The right to vote is given by the Tron Power resource, it is necessary to participate in the network consensus.

You can store the TRX token in the TronLink wallet, which is recommended by the head of the project, Justin Sun. Tronix cryptocurrency is also supported by many other crypto wallets. The list of some main wallets for storing Tron is the next: – Trust Wallet – Atomic Wallet; – Ledger Wallet Hardware; – imToken; – Math Wallet; – Guarda. – Exodus; Tronix cryptocurrency is also supported by many other cryptocurrency wallets.

Prospects for Tron Cryptocurrency The digital entertainment market, in which Tron is used very often, is estimated at about 1 trillion US dollars, of which online games account for the majority. The Tron platform can be compared in volume to a company like Alibaba, which is the world leader in the field of Internet commerce. Since the majority of Tron investors are from China, there is no doubt that this platform will gain a lot of popularity there. Internet entertainment is now at the peak of popularity. This can have a good effect on the rate of the Tron coin. The forecasts are quite optimistic. The main share belongs to online games like a casino. The TRON token is gaining momentum. Developers are constantly improving cryptocurrency. However, it is worth remembering that the Tron cryptocurrency is volatile. During its existence, it slowly moved up and down. The price of TRX has experienced both ups and downs, just like any other coin on the crypto market.